Closing of Non-Convertible Debenture Financing
Subscribers to the Offering received a bonus of 50,000 common share (“Share”) purchase warrants (“Warrants”) of the Company per Debenture for an aggregate total of 2,200,000 Warrants. Each Warrant shall entitle the holder to purchase one Share (“Warrant Share”) for a period of twenty-four months after closing at a price of
The Debentures, the Warrants, and Warrant Shares, if issued, will be subject to a four-month and one day statutory hold period, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including final approval of the
Q4 2020 Preliminary Financial Results
- Fiscal Q4 2020 revenue is expected to be approximately
US$1.75 – 1.80 million, compared toUS$2.43 million in Q4 2019, andUS$1.79 million in Q3 2020. - Fiscal 2020 revenue is expected to be approximately
US$7.5 – 8.0 million, compared toUS$12.36 million for fiscal 2019.
The Company expects to announce its final audited financial results by the end of
Exploration of Strategic Alternatives to Enhance Shareholder Value
The Company has been conducting a process to explore strategic alternatives, including the potential divestiture of certain Company-owned assets. While Kuuhubb’s stated objective is to create sustainable shareholder value through the acquisition of proven, yet under-appreciated assets with long-term growth potential, management has an obligation to its stakeholders to carefully consider and review any options that may enhance shareholder value, including the possibility of realizing that future value now.
There can be no assurance that the strategic alternatives review process will result in any strategic change or outcome. The Company does not know the exact timetable for the conclusion of its review of strategic alternatives, and it does not intend to comment further unless and until an approved course of action has been determined or the Company has otherwise determined that further disclosure is appropriate or required by regulatory/governing bodies.
Tiles & Tales Update
The Company continues to improve its flagship second-generation game, “Tiles & Tales” in the soft launch phase which started in
About
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to future revenue, products and development and growth of the Company’s business) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the growth strategy of the Company, the possibility that results from the Company’s growth and development plans will not be consistent with the Company's expectations, the early stage of the Company's development, competition from companies in a number of industries, the ability of the Company to manage expansion and integrate acquisitions into its business, future business development of the Company and the other risks disclosed under the heading "Risk Factors" in the Company's annual information form dated
Neither
For further information, please contact:
jouni@kuuhubb.com
Office: +358 40 590 0919
Investor Relations
bill@kuuhubb.com
Office: +1 (416) 479-9547
Source:
2020 GlobeNewswire, Inc., source